IMF Chief ‘Won’t Let Zambia Down’ as Creditors Hold Up Payment
- IMF is ‘not going to let Zambia down,’ Georgieva says
- Zambian leader to meet French counterpart next week on debt
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The International Monetary Fund is withholding a $188 million payment to Zambia to push the nation’s official creditors to agree to a long-awaited debt relief deal, but the Washington-based lender won’t fail the southern African nation, Managing Director Kristalina Georgieva said.
Zambia has been trying since 2020 to restructure external loans that last year grew to $18.8 billion, and the slow progress in reaching an agreement is imperiling its economy. The nation needs creditors to sign a memorandum of understanding to provide relief before the IMF’s board can approve the payment, it said last month.